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/biz/ - Business & Finance

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12693883 No.12693883 [Reply] [Original]

>Be me
>Attend local college after high school, commute from home
>Get decent job; work while attending college
>Move out of parents' at 20, get apartment with best friend from high school
>Earn degree, finish college; start paying student loans
>Move back in with parents rent-free
>Make extra large payments on all debt
>Pay off all debt in a few years
>Credit score goes sky high; use tricks to make it go even higher
>Now hold debt-free college degree with almost 800 credit score before 30
>All earned money is mine to keep and invest with as I please

My final debt payment that freed me from bondage was one of the happiest moments of my life. When I see the student debt bubble inflating to over $1.5 trillion and can't help but wonder how the enslaved will ever pay it back considering cost of living and rent only continues to rise as wages stay stagnant and degrees become less and less valuable due to student loan saturation.

Has anyone else done this and temporarily escaped the rent and high-cost standard of living jew to get your financials straight at a young age?

Is moving out from your parents' houses but holding large amounts of debt really freedom?

>> No.12694893

bump

>> No.12694933

>>12693883
I'm considering doing it. My folks don't seem insistent on me moving out of the house, so I'm figuring my plan is to get a job and just make big-dick payments on the debt when I can.

>> No.12695400

>>12693883
it is sad that someone being frugal and actually paying off their student loans is supposed to be an impressive feat.

>> No.12695461

>be me
>join us army at 18
>out at 23
>immediately start making 150k as a security contractor overseas
>be 33 now
>2mil net worth
>zero debt
>10 confirmed kills, 40+ unconfirmed
>can retire any time I want to
>enjoy blowing up dunecoons too much to stop
>praying for Venezuela to kick off soon so I can go waste some socialist spics
>spending tens of thousands on state of the art gear and systems
>shrug off 7.76 to the chest plate
>twice

>> No.12695481

>>12695461
Liar.

>> No.12695549
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12695549

>>12694933
I highly recommend it. The debt will weigh on you after awhile.

Don't be like those layed-off journalists holding signs in the streets saying "I have $60k in student debt blah blah blah".

>>12695400
I wasn't trying to claim doing this is an impressive feat. It is simply the most realistic modern way out of debt and path to financial freedom, in my opinion.

>>12695461
>7.76
I'll take Stuff That Never Happened for $500, Alex.

No one who has seen modern combat wishes to be immersed in it again. Back to vidya with you. Don't forget, die for Israel, goy.

>> No.12695628

>>12693883
Well done, debt isn't necessarily bad though. Since you paid off all your student debt and have a good income, I would suggest getting a 3.5% FHA loan on some rental property and live in one of the rooms for a year so you they will give you the super low rate, highly levered loan. Then you can move out and your rental payments should be able to cover the mortgage, taxes, and other expenses.

Not only will you be getting appreciation from the rental property but principal paydown, and a fuckton of tax writeoffs.

For example, if you earn 60K & max out a 3.5% FHA loan at 50% debt to income, you can service $2500/mo, perhaps $2850/mo if you can push them to give you 56.99% debt to income ratio. If you manage to break even on that $2850/mo, you'll be paying down a 500K property, and your appreciation alone @2.5% inflation is $12.5K a year, then you get prob ~10K in tax deductions, and ~10K in principal the first year, increasing after that.

So you basically boost your income by 35K the first year, and by more after that, because of the compounding effect from appreciation, property tax deductions, hiking rents, etc..

You can then consider 75% of your gross rents as income, and your income will be considered at ~86K a year, for your next rental property loan.

>> No.12695773

>>12695628
I wasn't sure exactly where to go from here but I was thinking saving for a down payment on a mortgage was a good idea.

Rental property seems like an even better idea.
Nice, thanks for the advice, anon, I'll definitely keep this in mind.

>> No.12695862
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12695862

>>12695461
>This is what recruiters want you to believe

>> No.12695909

>>12693883
I plan to do the same. Once I finish my degree I'm going to an Asian country for a few years to live cheap and earn lots to pay off my debts as soon as possible. When I come back at around 30, I hope to have made it to the point where I can buy a house in one of the more desireable cities in my country. Then the fun can begin.